6-22 12 AM Comment
Financial
Moody’s downgrades ratings of five major banks
Dow has second worst day of the year off 250 points
German consumer index the lowest in two years
Italyconsumer confidence weakens
EU summit next event at the end of the month
Fed proved to be out of ammo after lukewarm defensive FOMC assessment
Bottom picking firms Spanish stocks
Crude up $.41 in light covering ahead of weekend
Crude at $78.60 down from $108 in April
Dollar looks pretty good compared with European currencies and is at resistance at 82.42
DAX down .8%
FTSE off 1%
Gold up $3 at $1568
Livestock
Cash cattle coming down to eleventh hour bid at $116 and offered at $121
COF expected to feature sharply higher placements
Boxed beef soften
Cattle kill 506,000 v 510,000 last week
Pork cutout at $98.46 on carcass was up $1.44 with loin’s $.47 higher, hams $3.13 better and bellies bounced $1.95
Hog kill thus far 1,577,000 v 1,573,000
Hogs and pork at key resistance
Generally rising feed costs hit the meats
Grain and soybeans
Senate passes farm bill with well publicized reforms
Dollar at 82/40 resistance hand cuffs exports
Mid range scalping by loosey goosey specs
Western Corn Beltrains scattered once east of the river
Plantings and stocks report at end of month
Quarterly Stocks are often where revisions of past errors are made so watch out
Corn and bean supplies are extremely tight so we need over 3 billion beans and 14 billion corn
No survey estimate of crops until August so fasten your seat belt for a bumpy ride
Watch dryness inRussia,Eastern Europeand northernChina
